JP Morgan Chase shares close lower on Friday, group to locate new operations center in Warsaw

According to a September 22nd statement by Mateusz Morawiecki, Polands Deputy Prime Minister, JP Morgan Chase & Co (JPM) has chosen to locate a new global operations center in Warsaw, which is expected to employ a few thousand people during the upcoming several years.

JP Morgan Chase shares closed lower for the first time in the past six trading sessions on Friday. The stock edged down 0.21% ($0.20) to $94.83, with the intraday high and the intraday low being at $94.97 and $94.44 respectively. In the week ended on September 24th the shares of the financial group added 3.50% to their market value compared to a week ago, which marked a second consecutive period of gains. The stock has trimmed its advance to 4.33% so far during the current month, following a 0.99% decrease in August. The latter has been the fourth drop out of six months. For the entire past year, the shares of the NYSE-listed financial holding company gained 30.68%. The stock has risen 9.90% so far in 2017.

In an interview with the Polish public radio, Mateusz Morawiecki said that the new center would employ “people with competences such as in data management, risk management, credit risk management, supply chain management” among others.

As reported by Reuters earlier, other possible locations, where the new center could have been hosted, included Budapest and another city in Poland – Wroclaw.

Meanwhile, an estimated 35 000 to 45 000 financial services jobs are expected to be relocated from all Western countries to Poland, as Britain prepares to part ways with the European Union.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding JP Morgan Chase & Co’s stock price, have a median target of $96.00, with a high estimate of $110.00 and a low estimate of $65.00. The median estimate is a 1.23% surge compared to the closing price of $94.83 on September 22nd.

The same media also reported that 13 out of 30 surveyed investment analysts had rated JP Morgan Chase & Co’s stock as “Hold”, while 12 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the JP Morgan Chase stock are presented as follows:

R1 – $94.88
R2 – $94.93
R3 (Range Resistance – Sell) – $94.98
R4 (Long Breakout) – $95.12
R5 (Breakout Target 1) – $95.29
R6 (Breakout Target 2) – $95.36

S1 – $94.78
S2 – $94.73
S3 (Range Support – Buy) – $94.68
S4 (Short Breakout) – $94.54
S5 (Breakout Target 1) – $94.37
S6 (Breakout Target 2) – $94.30

By using the traditional method of calculation, the weekly levels of importance for JP Morgan Chase & Co (JPM) are presented as follows:

Central Pivot Point – $93.94
R1 – $96.26
R2 – $97.69
R3 – $100.01
R4 – $102.33

S1 – $92.51
S2 – $90.19
S3 – $88.76
S4 – $87.33